Forclosure or short sale: in illinois?

If you're having troubles paying your payments are not yet in foreclosure, contact your loss mitigtion dept to see if they can put you on a plan. If you're already in foreclosure you can still do that. Either way a Foreclosure/short sale can stay on your credit report up to 10 years or more. They wont take your car or dip into your savings. I dont think they will get your 1st house unless that is in foreclosure also. A short sale is when you sell your house for less than what you owe. What you owe is what you owe on your payments. How your lender wants to be paid is a different story. Good Luck